Medical Devices - Serbia | Statista Market Forecast

In 2024, the projected revenue in the Medical Devices market market in Serbia is expected to reach US$471.60m.
Among the various markets in this market, Cardiology_Devices is the largest, with a projected market volume of US$74.39m in the same year.
Looking ahead, the market is anticipated to experience an annual growth rate of 6.76% between 2024 and 2029 (CAGR 2024-2029), resulting in a market volume of US$654.20m by 2029.
It's worth noting that in terms of global comparison, the United States is expected to generate the highest revenue, reaching US$181.00bn in 2024.
Serbia is witnessing a growing demand for advanced medical devices, driven by increasing investment in healthcare infrastructure and a rising aging population.

Definition:
The Medical Devices market includes instruments and machines helping for the prevention, diagnosis, and treatment of diseases. This market is further broken down into 6 submarkets according to medical specialties or types of application. Medical devices that treat the heart, such as pacemakers, can be found in the Cardiology Devices market. The Diagnostic Imaging market covers machines and instruments for diagnosis of many different kinds of conditions. Devices for orthopedic applications, such as joint implants, are included in the Orthopedic Devices market. Ophthalmic Devices are devices used for conditions related to the eye. The General & Plastic Surgery Devices covers many different products required for surgeries. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Siemens Healthineers.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Active medical devices (i.e., operating with electrical energy)

Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Products for laboratory testing (IVD)

The Medical Devices market in Serbia is experiencing steady growth due to various factors such as increasing healthcare expenditure, technological advancements, and a growing elderly population.

Customer preferences: In Serbia, customers have a preference for high-quality medical devices that offer advanced features and improve patient outcomes. They value products that are reliable, durable, and easy to use. Additionally, cost-effectiveness is also an important factor for customers in Serbia, as they seek affordable medical devices without compromising on quality.

Trends in the market: One of the key trends in the Medical Devices market in Serbia is the increasing adoption of digital health technologies. This includes the use of telemedicine, remote patient monitoring, and mobile health applications. These technologies enable healthcare professionals to provide remote consultations, monitor patients' health conditions, and deliver personalized care. The COVID-19 pandemic has further accelerated the adoption of digital health technologies in Serbia, as it has highlighted the importance of remote healthcare services. Another trend in the market is the growing demand for home healthcare devices. With an aging population and a preference for receiving care in the comfort of their own homes, there is an increasing need for medical devices that can be used outside of traditional healthcare settings. This includes devices such as home blood pressure monitors, glucose meters, and respiratory devices. The convenience and cost-effectiveness of home healthcare devices make them popular among customers in Serbia.

Local special circumstances: Serbia has a universal healthcare system, which ensures that all citizens have access to healthcare services. This provides a favorable environment for the growth of the Medical Devices market, as there is a constant demand for medical devices across the country. Additionally, Serbia has been investing in the modernization of its healthcare infrastructure, which includes the procurement of advanced medical devices. This further drives the demand for medical devices in the country.

Underlying macroeconomic factors: The growth of the Medical Devices market in Serbia is also influenced by macroeconomic factors such as increasing healthcare expenditure and a growing elderly population. The Serbian government has been increasing its healthcare budget to improve the quality of healthcare services and infrastructure. This provides opportunities for medical device manufacturers to supply their products to healthcare facilities in the country. Furthermore, Serbia has a growing elderly population, which is driving the demand for medical devices. As the population ages, there is an increased need for medical devices that cater to age-related health conditions and disabilities. This includes devices such as mobility aids, hearing aids, and assistive devices. The growing elderly population in Serbia creates a sustained demand for medical devices in the country. In conclusion, the Medical Devices market in Serbia is growing steadily due to increasing healthcare expenditure, technological advancements, and a growing elderly population. Customer preferences in Serbia include high-quality and cost-effective medical devices, while trends in the market include the adoption of digital health technologies and the demand for home healthcare devices. The local special circumstances in Serbia, such as the universal healthcare system and investments in healthcare infrastructure, contribute to the growth of the market. Additionally, macroeconomic factors such as increasing healthcare expenditure and a growing elderly population further drive the demand for medical devices in Serbia.

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.